Blog post by Mark Satov Last summer I was in London, feeling lonely for my children and wanting to bring them something special from my trip. My hotel was right near…
Well, that was quick. Less than two years after it launched its Canadian expansion, Target Corp. is closing all of its stores across the country. The American retail giant is expected to post US$5.4 billion in pretax losses on discontinued operations for the fourth quarter of 2014. Target has only itself to blame for this massive failure. The company never got things right in the critical early stages of its Canadian adventure, disappointing customers again and again.
In an increasingly complex and competitive world, business executives are focused on improving their understanding of their customers. Organizations today are fortunate to have a wealth of customer information at their fingertips. Hours are spent conducting surveys and focus groups, and in analyzing transactional, demographic and other data in an attempt to optimize the way they segment their customers and drive them to behavior. In our work, we have observed some commonly held, but often incorrect, views about customers. We call them the customer fallacies.
57 per cent of current Wal-Mart customers report willingness to shop less in favour of Target; More than half of Canadians looking forward to Target’s arrival